By Press Times Staff
ASHWAUBENON – The village’s Community Development Authority voted Tuesday, Oct. 6, in favor of selling up to 89,516 square feet on two parcels its owns along Mike McCarthy Way to Merge Urban Development for $1.
The sale is a condition of a development agreement the Ashwaubenon village board approved last month for Merge to construct the first of what could become multiple buildings developed along Mike McCarthy Way between Holmgren Way and South Ashland Avenue.
Community Development Director Aaron Schuette said the agreement with calls for a five-story building on the north side of Mike McCarthy Way to have no less than 5,000 square feet of first-floor leasable commercial space and approximately 85 residential units to create a tax increment of at least $11 million.
Schuette said the Tax Incremental Financing (TIF) incentive to Merge of $1.75 million, to assist in financing the project, will be repaid to the village over a 15-year period.
He said construction of Building One is to begin no later than Nov. 1, 2021, with completion by Dec. 31, 2022.
Schuette said plans for the project must be provided to the village’s Site Plan Review Committee by the end of this year, and if construction has not begun by November of next year, unless for circumstances listed in the agreement, ownership of the land would return to the village.
Because the property is located in the village’s Sports and Entertainment District, he said the site plan would have to come before the committee, Plan Commission and village board for approval.